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Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Restricted Stock Discounts, 1991-95," Shannon Pratt's Business Valuation Update, March 1999, pp. 1.3. CONFIDENTIAL I WTAS LIC 95 EFTA00307490 APPENDIX 3 Appraisers' Qualifications ALIPHCOM — COMMON EQUITY VALUATION As o
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Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Restricted Stock Discounts, 1991-95," Shannon Pratt's Business Valuation Update, March 1999, pp. 1.3. CONFIDENTIAL I WTAS LIC 95 EFTA00307389 APPENDIX 3 Appraisers' Qualifications ALIPHCOM — COMMON EQUITY VALUATION As o
dMInt011..« nut Intaal haha asJ ChciAosamme Mitst Suler VIte PeoleMI .34 Wed0......k °padden 4 9~ Smet Vim Pecrulail d Riad boom 44.16446.1 11000 CoNtsaa. (bonte nd CluelOseash Oden La4Ineltpault46 Prosit. Cbs.......1Mtnnao. Capente (....shr.s. k ,,,,, ic .•. MAAN of AMIOnsrans9 Omes& Onwrnse Chwro
Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Restricted Stock Discounts, 1991-95," Shannon Pratt's Business Valuation Update, March 1999, pp. 1.3. CONFIDENTIAL I WTAS LIC 95 EFTA00307288 APPENDIX 3 Appraisers' Qualifications ALIPHCOM — COMMON EQUITY VALUATION As o
dMInt011..« nut Intaal haha asJ ChciAosamme Mitst Suler VIte PeoleMI .34 Wed0......k °padden 4 9~ Smet Vim Pecrulail d Riad boom 44.16446.1 11000 CoNtsaa. (bonte nd CluelOseash Oden La4Ineltpault46 Prosit. Cbs.......1Mtnnao. Capente (....shr.s. k ,,,,, ic .•. MAAN of AMIOnsrans9 Omes& Onwrnse Chwro
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